User menu

This Google™ translation feature is provided for informational purposes only.

The Office of Attorney General's website is provided in English. However, the "Google Translate" option may assist you in reading it in other languages.

Google Translate cannot translate all types of documents, and it may not give you an exact translation all the time.
Anyone relying on information obtained from Google Translate does so at his or her own risk.

The Office of Attorney General does not make any promises, assurances, or guarantees as to the accuracy of the translations provided.
The State of New York, its officers, employees, and/or agents shall not be liable for damages or losses of any kind arising out of, or in connection with,
the use or performance of such information, including but not limited to, damages or losses caused by reliance upon the accuracy of any such information,
or damages incurred from the viewing, distributing, or copying of such materials.

You are here

A.G. Schneiderman: Five Years After Financial Meltdown, The Fight To Give New Yorkers A Fair Shake Continues

NEW YORK – Five years ago this weekend, Lehman Brothers filed for bankruptcy, triggering a global financial crisis. Attorney General Eric T. Schneiderman today issued the following statement on the fifth anniversary of the financial meltdown of 2008 and the steps he has taken to help New York's working families recover:

“Five years ago, fraudulent acts, misjudgment, and a pursuit of profit over principle brought the American markets to the verge of collapse, undermining the economic security of families across our state. While our economy is on the road to recovery, the fight to give working families a fair shake continues. We still have a long way to go to rebuild the wealth of the middle class, restore investor confidence in our financial system, and make the housing market an engine for faster job growth, the biggest impediment to our overall recovery.

“With too many New Yorkers still fighting foreclosure, and banks that still refuse to play by the rules, we must do everything in our power to stand up for hardworking families. That includes helping rebuild communities, educating homeowners on their rights, and expanding access to legal guidance that can make the difference between a family keeping their home or facing foreclosure. It means continuing the fight for real accountability for the illegal and deceptive conduct that created the housing bubble and crashed the global economy. The 2008 financial crisis was a tragic and powerful reminder that when the rich or powerful play by their own rules, it undermines our whole nation. By returning to our founding principle of equal justice under law, we can not only restore the trust of the American people in our financial system, but also guarantee that this kind of crash will never happen again.”

In the past two years, Attorney General Schneiderman has made several significant efforts to bring accountability for the misconduct that led to the crash of the American markets and to support homeowners impacted by the financial crisis.

In January 2012, Attorney General Schneiderman was named co-chair of President Obama’s Residential Mortgage-Backed Securities Working Group, a state-federal task force dedicated to investigating those responsible for the financial crisis. Since joining the Working Group, the Attorney General has filed lawsuits against J.P. Morgan and Credit Suisse for deceiving investors as to the quality of loans packaged in residential mortgage-backed securities, which contributed to the financial crisis.

Attorney General Schneiderman also led a coalition of 49 state attorneys general in reaching the $25 billion National Mortgage Settlement with the country’s five largest mortgage servicers. The settlement required the participating institutions to provide direct relief to victims of wrongful foreclosures and preserved a wide range of claims for further investigation and prosecution.

In addition, Attorney General Schneiderman has announced his intention to dedicate $20 million of the settlement funds to develop “land banks” across New York, which will help communities restore properties vacated or abandoned through foreclosure.

Attorney General Schneiderman has also brought the concerns of the many New Yorkers currently facing foreclosure to the New York State Legislature, proposing two important pieces of legislation. First, the "Certificate of Merit" Bill, which was signed into law, will help expedite homeowners' participation in court-supervised mediation sessions where they can negotiate alternatives to foreclosure with their lender. Second, the Foreclosure Fraud Prevention Act, which was passed by the Assembly, would impose criminal penalties on mortgage lenders and servicers who intentionally engage in deceptive conduct in their handling of foreclosures.

A.G. Schneiderman Issues Fraud Alert On Immigration Scams

Amid Surge Of Bias Crimes, A.G. Schneiderman Stands With Dozens Of Civil Rights Leaders To “Stand Up To Hate,” Issues Urgent Bulletin To Local Law Enforcement Offering Guidance In Identifying And Prosecuting Hate Crimes